UK's biggest housebuilder announces 96% slump in profits

Housebuilder Taylor Wimpey said today that first-half underlying profits dived 96% to £4.3m (€5.39m) as it wrestled with the housing market downturn.

The firm, which is the UK’s biggest homebuilder by number of properties built, racked up overall pre-tax losses of £1.54bn (€1.93bn) after writing off £690m (€865m) from the value of its land bank and another £816m (€1.02bn) in relation to the merger of Taylor Woodrow and George Wimpey last year.

Debt-laden Taylor Wimpey also said it was working to amend its borrowing agreements, and said it hoped these would be finalised by the end of the year.